Notice
is hereby given that a hearing will be held at 10:00 a.m. Central Time, on Thursday, April 11, 2019, in the offices of the Alabama Department of
Insurance, 201 Monroe Street, Fifth Floor Conference Room, RSA Tower,
Montgomery, Alabama, as follows:
Amendments to Section 4 of Insurance Regulation
No. 129 [Rule 482-1-129-.04], which sets forth the definitions for the regulation
dealing with the disclosure of certain minimum information about annuity
contracts. The amendments delete the
definitions of two terms that are not used in the regulation, and adds a
definition for “registered product.” The
amendments will become effective April 21, 2019. (4 pages)
Amendments to Section 6 of Insurance Regulation
No. 129 [Rule 482-1-129-.06], which sets forth the standards for annuity
illustrations. The amendments take into
account disclosures necessary to inform consumers in light of the product
innovations currently in the marketplace and are consistent with recent
revisions to the Annuity Disclosure Model Regulation developed by the National
Association of Insurance Commissioners.
The amendments will become effective April 21, 2019. (22 pages)
Adoption of new Insurance Regulation No. 162
[Rule 482-1-162], which relates to processing the registration and maintaining
records of persons filing registration as vehicle protection product
warrantors. The new regulation sets the
fees for initial and annual renewal of registration at $250, as authorized in
Section 8-33-11, Code of Alabama 1975. The
new regulation will become effective April 21, 2019. (2 pages)
Adoption of new State Fire Marshal Regulation
No. 111 [Rule 482-2-111], relating to the administration and enforcement of the
pyrotechnic display permit requirements, as necessary to implement the
provisions of Sections 8-17-230, et seq., Code of Alabama 1975. The new regulation will become effective April
21, 2019. (5 pages)
Amendments to Section 9 of Preneed Regulation
No. 3 [Rule 482-3-003-.09], relating to the requirements for a certificate of
authority. The amendments specify that
renewal applications are to be filed on or before July 1 of each year, that
there is a fine for each day after July 1 that a certificate holder fails to
file its annual statement or, if applicable, a statement of trust activities,
that failure to file the annual statement or, if applicable, the statement of
trust activities shall, upon notice to the certificate holder, result in the
suspension of the authority; and that a certificate of authority expires on
September 1 unless properly renewed, all of which is required in Section
27-17A-11, Code of Alabama 1975. The
amendments will become effective April 21, 2019. (2 pages)
Amendments to Section 14 of Preneed Regulation
No. 3 [Rule 482-3-003-.14], relating to Preneed Sales Agents. The amendments remove the amount of the
preneed sales agent registration fee and adds a reference to Rule 482-3-002-.02
where the fee is established. The amendments
will become effective April 21, 2019. (2
pages)
Any
person wishing to submit testimony at said hearing is requested to submit said
testimony in writing by April 6, 2019, to the Alabama Department of Insurance,
Attention: Legal Division, Post Office
Box 303351, Montgomery, Alabama
36130-3351. Any written
submission of testimony prior to the hearing will not preclude anyone from
making an oral or written presentation at the hearing.
A
copy of the regulations may be obtained by written
request to the Alabama Department of Insurance, Post Office Box 303351,
Montgomery, Alabama 36130-3351. The request must include payment of $1.00 per page and a self-addressed,
postage paid return envelope. A scanned
copy may be obtained at no charge via electronic mail. You may send an e-mail request to
Raymond.Taylor@insurance.alabama.gov.